Weekly Market Pulse - 29th August 2018
There are some very interesting statistics coming from the property market at the moment. First home buyers are snapping up properties, as are the investors. What we are seeing less of is the upgraders and downsizers at present. Whispers around the industry say it has everything to do with the Banking Royal Commission and the uncertainty surrounding where it will lead to. Given the drama we saw last week and the consequent change of Prime Minister, we are saying watch this space.
Property sells in any market and we are seeing properties receive offers in the first couple of days. This is great news for sellers but often misunderstood. There is a saying in the industry that “your first offer is generally your best offer”. This is usually the case as the longer the property is on the market the less interest there is and buyers ask the question, why has no one else bought it yet?
When the offer comes in earlier than the seller expects, they need to take stock and look at all the comparable sales, the indicated sale price from their agent and most importantly how long the buyer has been looking and if they have already missed out on other property. Move quickly, not hastily as buyers who are emotional about a purchase generally pay more, but are not willing to be jimmied around.
We have some great homes open for inspection over the weekend, I look forward to seeing you at one of them.